The UK’s mass affluent investors face an average annual income shortfall of £12,610 in retirement. This jumps to a staggering £28,000 shortfall among the mass affluent millennial population, according to the BlackRock Investor Pulse survey.
The Chinese New Year, also known as ‘Spring Festival’ in China, is China’s most important traditional festival. The 2016 Chinese New Year, ‘The Year of the Monkey’, commenced on Monday 8 February. Monkeys in the Chinese zodiac are ‘clever, mischievous and curious’, so we’ll have to see if this brings about a luckier year for Chinese financial markets.
The new stamp duty rules set out in Budget 2016 take effect on 1 April 2016. For those buyers funding the purchase of a new home with the sale of an existing home, if their buyer pulls out but they still want to go ahead – perhaps by using a bridging loan – they will be liable for the stamp duty surcharge because they will technically own two residential properties at completion.
Non-domiciled individuals who are UK resident for more than 15 out of 20 years will become deemed domiciled for all tax purposes from April 2017. Those who become deemed domiciled in April 2017 can treat the market value of non-UK situated assets at 6 April 2017 as being their base cost.
The Government said the introduction of a new Lifetime Individual Savings Account (LISA) will help young people save flexibly for the long term throughout their lives. The aim is to help them simultaneously save for a first home and for their retirement, without having to choose one over the other.